US-based online insurance platform developer Next Insurance secured $250m yesterday from investors including internet and technology group Alphabet’s growth equity arm, CapitalG, at a $4bn valuation.
Venture capital firms FinTLV and Battery Ventures co-led the round, while Group 11, Zeev Ventures, Founders Circle and G Squared also participated. It increased the company’s overall funding to $881m, it said.
Next operates an online platform that enables businesses to purchase insurance policies in 10 minutes or less, offering coverage for general liability, commercial vehicles, tools and equipment as well as workers’ compensation.
The company pulled in $250m in a September 2020 series D round led by CapitalG that also featured reinsurance provider Munich Re and FinTLV. Munich Re had also provided $250m of series C funding for the company in late 2019.
Munich Re, insurance firm Nationwide and American Express Ventures, the corporate venturing arm of payment services provider American Express, took part in an $83m series B round for Next in 2018 led by Redpoint Ventures that included Ribbit Capital, TLV Partners, SGVC and Zeev Ventures.
Next had previously raised $35m in a 2017 series A round backed by insurance provider Markel, Nationwide, Munich Re and American Express Ventures. Its earlier investors include Zeev Ventures, TLV Partners and Ribbit Capital.
Guy Goldstein, Next’s co-founder and chief executive, said: “This latest round of financing is a validation of our vision which is to make it dramatically easier for small business owners to get the insurance coverage they need by removing friction from the customer experience.”